The term "capital" as used in the laws of this State relating to banking shall be construed to embrace the amount of outstanding capital notes and debentures legally issued by any banking institution. The capital stock of any such banking institution may be deemed to be unimpaired when the amount of such capital notes and debentures as represented by cash or sound assets exceed the impairment as found by the Commissioner of Banking.
S.C. Code Ann. § 34-9-110
Capital notes and debentures shall be included in capital
1962 Code SECTION 8-152; 1952 Code SECTION 8-152; 1942 Code SECTION 7836; 1935 (39) 464; 1964 (53) 2058.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.